Criminal Prosecution

News & Analysis as of

Former UBS Banker Trial Begins in Florida

Opening statements were heard on Tuesday and the first government witness testified yesterday in the trial of ex-UBS AG banking executive Raoul Weil. Prosecutors have sought to show him as the driving force behind the bank’s...more

Status Updates - October 2014 #8

..Doctor in the mouse. What if you could input a list of your current symptoms to Google, and quickly be connected with a doctor for a brief consultation? For a limited trial period, Google seems to have set up such a system...more

This Week In Securities Litigation

The Commission prevailed in three litigated decisions. The agency secured a favorable jury verdict in an action centered on an offering fraud. In two other cases — one based on misrepresentations regarding the only company...more

R. v. P.C.: No Automatic Constitutional Right to State-Funded Counsel for First Appeal in Criminal Cases

In her August 12, 2014 decision, R. v. P.C., Justice Weiler, for a unanimous Ontario Court of Appeal, rejected an accused’s argument that he had an automatic right to state-funded counsel for a first appeal in a criminal case...more

Justice Department Opens Up False Claims Files for Criminal Investigation

The Justice Department has a penchant for disclosure – they tell you what they are going to do in advance and then they do it. Companies have tried to claim they were “shocked” or “surprised” by the Justice Department’s...more

Spoofing Back in the News — First Criminal Indictment for Spoofing; CFTC Settlement Lays Out Telltale Signs of Spoofing

Last week the government handed down its first criminal indictment for allegedly engaging in “spoofing” and the Commodity Futures Trading Commission settled with Eric Moncada for spoofing. Spoofing is a form of trading in...more

Defendant has counsel at trial but appellate court says trial judge's evidentiary ruling denied him his right to counsel

Sometimes the legal result in a case just seems to make no sense. Here is one of those instances. A defendant was on trial. Another defendant had pled guilty in connection with the same crime. The defendant who was on...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

Appellate Court Notes

SC18960 - State v. Carrion - SC18960 Concurrence - State v. Carrion - Who knows the Whelan Exception to the Rule of Hearsay? You don’t? I’m sure you’re not alone. Now known more appropriately as the Connecticut...more

New UK Sentencing Guidelines - What Does This Mean For Corporates?

The Sentencing Council’s Definitive Guidance for Fraud, Bribery and Money Laundering Offences (the “UK Guidelines”) came into force on 1 October 2014. The UK Guidelines set out a ten step process for sentencing and apply to...more

The Justice Department and Individual Criminal Prosecutions

Recently, Attorney General Holder and DAAG Marshall Miller from the Criminal Division delivered important speeches on the Justice Department’s initiative to increase individual criminal prosecutions....more

First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois

On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud and six counts of...more

DOJ Continues to Prosecute Those Who Fail to File FBARs to Disclose Offshore Accounts

Howard Bloomberg, a forensic account and certified fraud examiner of Atlanta, Georgia, pleaded guilty on Friday to failing to file a Foreign Bank Account Report (FBAR) for the year 2008. Mr. Bloomberg opened a bank account at...more

Reacting to Employee Off-The-Job Misconduct

A very concerned CEO calls his attorney. He has just learned that several months ago a key employee punched his fiancée, knocking her unconscious. There was a criminal charge that was dismissed, and the couple later married,...more

High-Speed Trader Indicted for ‘Spoofing’

A federal grand jury in Chicago recently indicted high-frequency trader Michael J. Coscia for “spoofing,” making it the first criminal case ever brought under the Dodd-Frank Act’s rules against disruptive trading practices....more

Recent Remarks By Officials Reinforce DOJ’s Focus On Criminal Fraud Investigations And Prosecutions Of Culpable Individuals

In a trio of speeches given at separate events on September 17, 2014, Department of Justice (“DOJ”) officials announced new initiatives and points of emphasis in the Government’s ongoing efforts to hold corporations and...more

Executive Sentenced to 8 Years over Kickbacks Highlights Internal Fraud Threats

Compensation of at least $14 million apparently wasn't enough for the former executive of a national specialty retailer recently sentenced to eight years in prison. Instead, he garnered an additional $25 million in kickbacks...more

Bit Bites: Latest Legal Developments in Digital Currencies

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

The Golden State Annuity Burglar: A Neasham Remix

Alan Lewis, a former California insurance agent who faced criminal charges for annuity "twisting," was released from jail after a Superior Court judge dismissed charges for embezzlement, grand theft, and burglary. The story...more

Bribery’s Other Victim: The Families

In my post Deterrence, You Had me at Being Caught, I shared my n experience with respect to incarceration and how that related to oft-discussed issue of criminal deterrence. I concluded “The impact of saying good bye to a...more

Stopping the DOJ at the Border? A New Defense to the Reach of Federal Extraterritorial Criminal Action

In a one-day Department of Justice Antitrust Division takedown last September, nine international companies based outside the United States pled guilty to criminal antitrust violations and agreed to pay more than $740 million...more

The Road to True Threats is Paved with Intimidating Intentions

Recently, the Tenth Circuit Court of Appeals considered the dividing line between free speech guarantees and the state’s authority to criminalize threat speech. In United States v. Heineman, the court held that the government...more

China Bribery Crackdown Underscores the Need for Stronger Compliance Programs and Risk Assessments

Recently, the Chinese government reported that GlaxoSmithKline (GSK) would agree to pay almost $500 million in fines to settle allegations of bribery, and that some former GSK employees would receive prison sentences. While...more

Insider Dealers Ordered to Pay Confiscation Orders in Excess of the Profits Generated from Insider Dealing

On September 15, the UK Financial Conduct Authority (FCA) published a press release in which it announced that a group of persons found guilty of insider dealing in 2012 and 2013 have now been ordered to pay more than £3.2...more

Illinois Court Holds That Coverage for Malicious Prosecution Claim Is Triggered When the Prosecution Is Commenced, Not When It Is...

An Illinois appellate court recently held in St. Paul Fire and Marine Insurance Co. v. City of Zion that coverage under a law enforcement liability policy for a malicious prosecution claim is triggered when the wrongful...more

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